2024 AI Handbook for Insurance Leaders
Artificial intelligence has captured headlines. Transformation is on the horizon, and few industries will remain untouched by this revolutionary technology.
Insurance is no exception.
AI offers multiple benefits to insurers, including faster customer service, increased efficiency, and reduced costs. Companies that adopt AI effectively will have an insurmountable advantage over peers who lag behind. And AI will touch nearly every aspect of insurance—from broker and agent operations to underwriting to risk management to claims processing and beyond.
Despite the blue skies of AI, clouds have formed. Given the heavily regulated nature of insurance, AI carries risks—and insurers have felt the impact. From claim denials to bias to privacy issues, insurance companies must walk a fine line to implement AI without causing reputational or legal damage (while still contending with a vast and complex technology landscape).
But the bigger risk? Slowing AI adoption needlessly. Insurers can’t afford to let risk aversion hold them back. They must find ways to mitigate risk while rapidly deploying AI in strategic areas, including use cases where AI supports their strategic goals and provides competitive advantage.
This handbook will help you navigate the new AI territory by covering four major topics:
- The benefits of using AI in insurance.
- The top risks around AI.
- A holistic method for addressing risks while maximizing the benefits.
- Practical use cases for implementing AI in your organization.